removing lates

[Anonymous]

so I have done everything I can in regards to getting my score up and it has come up 100+ points in 2.5 months.

However I am 50% on accounts paid as agreed and only 3 months since most recent late

whats the best strategy for having some lates removed?

Goodwill only or.......?

Thanks,

Brew

[Anonymous]

How bad are the lates? 30D? 90D? 150D?

Goodwill works best after a year of on time payments of more than the minimum, zero high utilization and no returned payments.

In fact, if you're carrying utilization and paying interest, you're not rebuilding yet.  So make sure you focus on being a responsible borrower for 6 months, preferably 12, and then ask for goodwill adjustments.

[Anonymous]

they are 30 and 60 day lates

My UTI was 7100/1000 (71%) and I paid it down to $214/10000 for a UTI of 1%

[Anonymous]

Yes, GW letters are the way to go.  I see no need to wait a year since your last late payment as suggested above.  If you get a "no" answer, you simply continue sending letters every month until you get a "yes."  If it takes a year for that "yes" to come, that's the way it goes... but you certainly won't get a "yes" any earlier if you don't try. 

I strongly suggest using the Saturation Technique, which you can read about here:

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/The-Saturation-Technique-Best-GW-adjustment-o...

[Anonymous]

30D and 60D lates hurt the most from 0-3 months, then a little bit less for 3-6 months, a little bit less for 6-12 months, and a lot less at the 12 month anniversary.  Then they're merely a ding after about 2-3 years (25 points loss or so total, not each).

Don't be surprised if you goodwill a 30D late and see no score change.  Or if they're very old, don't be surprised if you goodwill a 60D late with no score change.

My "lates versus FICO8" chart is NOT 100% accurate or truth, this is just based on hundreds of data points I've gotten from folks rehabilitating their credit profile and what they got back when the last late was removed, or when one late was removed with no FICO score change or a small one.

Again, this is not guaranteed or anything, it's just a running average.  I update the data constantly and it really never changes the chart.

If you do have success removing some or all lates, please report back with your FICO data points so I can compare!

[radfam]

ABCD, is your graph one  you keep track of in Excel, or using some type of software?  That is very cool!

[Anonymous]

Used to be Google Drive Sheets but now I have a blog I keep it on so I can easily screen shot the latest one if there's been an update since the previous one.  I am trying to learn how to automatically generate a PNG URL from there so it's always fresh but my programming juju sucks blue envelopes lol.